| EARNINGS PER SHARE |
Basic
and diluted earnings per share are computed by dividing net income
by the weighted
average
number of shares outstanding during the respective
periods. The basic and diluted calculations differ as a
result of the dilutive effect of stock options and time lapse
restricted shares included in diluted earnings per share, but
excluded from basic earnings per share. In addition, the Company
has periodically issued share-based payment awards that contain
non-forfeitable rights to dividends and are therefore considered
participating securities.
A
reconciliation of weighted average shares outstanding along with
the earnings per share attributable to restricted shares of common
stock (participating securities) is as follows:
| |
|
Three months ended
June 30,
|
|
|
Six months ended
June 30,
|
|
|
(In thousands except per share data )
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
Net
income available for stockholders:
|
|
$ |
73,165 |
|
|
$ |
31,602 |
|
|
$ |
138,689 |
|
|
$ |
45,002 |
|
|
Less: Dividends
paid
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
(10,261 |
) |
|
|
(3,865 |
) |
|
|
(20,432 |
) |
|
|
(7,730 |
) |
|
Restricted
shares of common stock
|
|
|
(65 |
) |
|
|
(66 |
) |
|
|
(248 |
) |
|
|
(137 |
) |
|
Undistributed
earnings
|
|
$ |
62,839 |
|
|
$ |
27,671 |
|
|
$ |
118,009 |
|
|
$ |
37,135 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocation
of undistributed earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
$ |
61,558 |
|
|
$ |
27,091 |
|
|
$ |
115,603 |
|
|
$ |
36,357 |
|
|
Restricted
shares of common stock
|
|
|
1,281 |
|
|
|
580 |
|
|
|
2,406 |
|
|
|
778 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
142,178 |
|
|
|
141,812 |
|
|
|
142,060 |
|
|
|
141,689 |
|
|
Restricted
shares of common stock
|
|
|
3,037 |
|
|
|
3,179 |
|
|
|
3,055 |
|
|
|
3,206 |
|
|
|
|
|
145,215 |
|
|
|
144,990 |
|
|
|
145,115 |
|
|
|
144,894 |
|
|
Diluted
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
|
|
142,178 |
|
|
|
141,812 |
|
|
|
142,060 |
|
|
|
141,689 |
|
|
Dilutive
effect of options
|
|
|
1,627 |
|
|
|
1,136 |
|
|
|
1,869 |
|
|
|
1,329 |
|
| |
|
|
143,805 |
|
|
|
142,947 |
|
|
|
143,929 |
|
|
|
143,018 |
|
|
Restricted
shares of common stock
|
|
|
3,037 |
|
|
|
3,179 |
|
|
|
3,055 |
|
|
|
3,206 |
|
|
|
|
|
146,842 |
|
|
|
146,126 |
|
|
|
146,984 |
|
|
|
146,223 |
|
|
Basic
earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributed
earnings
|
|
$ |
0.07 |
|
|
$ |
0.03 |
|
|
$ |
0.14 |
|
|
$ |
0.05 |
|
|
Undistributed
earnings
|
|
|
0.43 |
|
|
|
0.19 |
|
|
|
0.82 |
|
|
|
0.26 |
|
|
|
|
$ |
0.50 |
|
|
$ |
0.22 |
|
|
$ |
0.96 |
|
|
$ |
0.31 |
|
|
Restricted
shares of common stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributed
earnings
|
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
0.08 |
|
|
$ |
0.04 |
|
|
Undistributed
earnings
|
|
|
0.42 |
|
|
|
0.18 |
|
|
|
0.79 |
|
|
|
0.24 |
|
|
|
|
$ |
0.44 |
|
|
$ |
0.20 |
|
|
$ |
0.87 |
|
|
$ |
0.28 |
|
|
Diluted
earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
Stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributed
earnings
|
|
$ |
0.07 |
|
|
$ |
0.03 |
|
|
$ |
0.14 |
|
|
$ |
0.05 |
|
|
Undistributed
earnings
|
|
|
0.43 |
|
|
|
0.18 |
|
|
|
0.80 |
|
|
|
0.26 |
|
|
|
|
$ |
0.50 |
|
|
$ |
0.21 |
|
|
$ |
0.94 |
|
|
$ |
0.31 |
|
|